In a leaked interview with Congressional Quarterly Inc. on Feb. 07, 2019, one of the SEC commissioners Robert J. Jackson said that Bitcoin ETF would finally be approved. So it is no longer a matter of whether SEC will adopt a BTC ETF. It is now a matter of when.
The draft copies of the interview were reportedly shared on social media by Congressional Quarterly. The company is scheduled to publish the full interview on 11th of February.
There is light at the end of the tunnel
While Jackson said several crypto-based ETF applications have been submitted for consideration, he did not say which specific application stands the highest chance of SEC’s approval. However, many industry experts believe the application filed by VanEck SolidX has the best chance of being approved. A section of the paper reads:
“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.”
Also, on the paper, the commissioner explained why Bitcoin ETFs had had so much hard time being approved. Regarding the Winklevoss’ ETF proposal, Jackson said: “Would I have wanted them to be able to buy that ETF? Hell no hell no. And I might not be sitting here if my father had, so yeah, I take really seriously putting the American stamp of approval on any investment product, and I’m not going to do it until those questions get answered.”
There is no doubt the cryptocurrency space is rife with fraud and manipulation. The SEC and other financial watchdogs quickly took notice, and since it’s their responsibility to ensure investor protection, it’s no surprise that the SEC would take these matters with extreme caution.
Will ETF affect Bitcoin price?
Many industry leaders believe that the launch of Bitcoin ETFs will trigger the BTC price surge in 2019 and beyond. Even so, it remains to be seen whether the SEC’s adoption of the ETFs will be a trigger of Bitcoin price swell.